کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5092901 | 1376090 | 2013 | 16 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Information asymmetry of fair value accounting during the financial crisis
ترجمه فارسی عنوان
عدم تقارن اطلاعات حسابداری ارزش منصفانه در طی بحران مالی
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کلمات کلیدی
حسابداری ارزش منصفانه، عدم تقارن اطلاعاتی، بحران مالی، بید؟
موضوعات مرتبط
علوم انسانی و اجتماعی
مدیریت، کسب و کار و حسابداری
کسب و کار، مدیریت و حسابداری (عمومی)
چکیده انگلیسی
We examine whether US banks' fair value net assets, measured according to the three-level hierarchy introduced in SFAS 157, are associated with information asymmetry during the 2008 financial crisis. Our results show that bid-ask spread, a proxy for information asymmetry, is positively associated with fair value net assets, and the degree of association is contingent upon the three-level hierarchy, with bid-ask spreads being lowest for Level 1 (the most transparent valuation inputs) and highest for Level 3 (the least observable). Also, there is some evidence that SFAS 157 led to a reduction in bid-ask spread, and we find that quarterly changes in Level 1 and Level 2 fair value net assets are significantly associated with changes in bid-ask spread in 2008 when the spread was rapidly rising, but not in 2009 when it was falling. Our findings suggest that the three-level hierarchy under SFAS 157 provides investors with useful information, and fair value is associated with uncertainty, as measured by bid-ask spread, before and during the financial crisis.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Contemporary Accounting & Economics - Volume 9, Issue 2, December 2013, Pages 221-236
Journal: Journal of Contemporary Accounting & Economics - Volume 9, Issue 2, December 2013, Pages 221-236
نویسندگان
Lin Liao, Helen Kang, Richard D. Morris, Qingliang Tang,